SHYM vs. NVHIX
SHYM (iShares Short Duration High Yield Muni Active ETF) and NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 5 years, SHYM returned 0.99%/yr vs 2.09%/yr for NVHIX. At a 0.35 correlation, their price movements are largely independent. SHYM charges 0.35%/yr vs 0.55%/yr for NVHIX.
Performance
SHYM vs. NVHIX - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with SHYM at 1.93% and NVHIX at 1.93%.
SHYM
- 1D
- 0.00%
- 1M
- 0.89%
- YTD
- 1.93%
- 6M
- 2.33%
- 1Y
- 5.18%
- 3Y*
- 6.00%
- 5Y*
- 0.99%
- 10Y*
- —
NVHIX
- 1D
- 0.11%
- 1M
- 0.91%
- YTD
- 1.93%
- 6M
- 2.36%
- 1Y
- 4.91%
- 3Y*
- 4.36%
- 5Y*
- 2.09%
- 10Y*
- 3.23%
SHYM vs. NVHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHYM iShares Short Duration High Yield Muni Active ETF | 1.93% | 2.58% | 6.99% | 9.67% | -15.96% | 6.71% |
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund | 1.93% | 2.43% | 6.88% | 3.54% | -6.73% | 5.97% |
Correlation
The correlation between SHYM and NVHIX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.35 |
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Return for Risk
SHYM vs. NVHIX — Risk / Return Rank
SHYM
NVHIX
SHYM vs. NVHIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SHYM | NVHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.65 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.75 | -0.42 |
| Martin ratioReturn relative to average drawdown | 7.86 | 6.95 | +0.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYM | NVHIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 2.21 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.63 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.93 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 1.12 | -0.85 |
Drawdowns
SHYM vs. NVHIX - Drawdown Comparison
The maximum SHYM drawdown since its inception was -22.55%, which is greater than NVHIX's maximum drawdown of -13.54%. Use the drawdown chart below to compare losses from any high point for SHYM and NVHIX.
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Drawdown Indicators
| SHYM | NVHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.55% | -13.54% | -9.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -1.80% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -4.72% | -3.34% |
Max Drawdown (5Y)Largest decline over 5 years | -22.55% | -10.54% | -12.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.54% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -2.04% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.71% | -0.05% |
Volatility
SHYM vs. NVHIX - Volatility Comparison
iShares Short Duration High Yield Muni Active ETF (SHYM) has a higher volatility of 0.77% compared to Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) at 0.68%. This indicates that SHYM's price experiences larger fluctuations and is considered to be riskier than NVHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYM | NVHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.68% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 1.55% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 2.25% | +0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 3.33% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 3.47% | +3.48% |
SHYM vs. NVHIX - Expense Ratio Comparison
SHYM has a 0.35% expense ratio, which is lower than NVHIX's 0.55% expense ratio.
Dividends
SHYM vs. NVHIX - Dividend Comparison
SHYM's dividend yield for the trailing twelve months is around 4.30%, less than NVHIX's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund | 4.55% | 5.15% | 4.36% | 4.41% | 3.84% | 3.43% | 3.90% | 4.03% | 3.90% | 3.78% | 3.62% | 3.55% |
SHYM iShares Short Duration High Yield Muni Active ETF | 4.30% | 4.55% | 4.35% | 4.35% | 4.01% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHYM and NVHIX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHYM has higher volatility (0.77%) compared to NVHIX (0.68%). In terms of maximum drawdown, SHYM dropped -22.55% vs NVHIX's -13.54%.
NVHIX currently has the higher Sharpe Ratio (2.21 vs 1.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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